An investment firm founded by Russian billionaire Vladimir Iorich is following its winning bet on cobalt this year by creating a $150-million fund to buy into metals used in electric cars.
Pala New Energy Metals will invest in cobalt, lithium, vanadium, rare earths, nickel and tin. Pala Investments started the fund with its own money and cash from other investors. The firm previously snapped up cobalt, anticipating surging demand from automakers that more than doubled prices in the past year.
